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Heritage Financial Group Second Quarter Net Income Increases 93% To $297,000 Or $0.03 Per Diluted Share

The Company's total assets increased 16% to $663,874,000 at June 30, 2010, from $571,948,000 at December 31, 2009. Gross loans increased 17% to $390,847,000 at June 30, 2010, from $334,139,000 at December 31, 2009. Deposits rose 21% to $515,712,000 at June 30, 2010, from $426,607,000 at December 31, 2009. Total stockholders' equity was $62,529,000 at June 30, 2010, versus $60,817,000 at June 30, 2009.

Heritage Financial Group is the mid-tier holding company for HeritageBank of the South, a community-oriented bank serving primarily South Georgia and North Central Florida through 16 full-service banking offices. As of June 30, 2010, the Company reported total assets of approximately $664 million and total stockholders' equity of approximately $63 million. For more information about the Company, visit HeritageBank of the South on the Web at www.eheritagebank.com and see Investor Relations under About Us.

Heritage, MHC, a mutual holding company formed in 2002, holds approximately 76% of the shares of Heritage Financial Group. The remaining 24% of Heritage Financial Group's shares are held by public stockholders.

Except for historical information contained herein, the matters included in this news release and other information in the Company's filings with the Securities and Exchange Commission may contain certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995 and include this statement for purposes of these safe harbor provisions. Further information concerning the Company and its business, including additional factors that could materially affect our financial results, is included in our other filings with the SEC.

A registration statement relating to the securities to be offered in the second-step offering has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy shares of common stock nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

     
Reconciliation of Non-GAAP Measure to Closest GAAP Measure (Unaudited)

(Dollars in thousands)

 
June 30, December 31, June 30,
2010 2009 2009
Total stockholders' equity $ 62,529 $ 60,817 $ 62,132
Less intangible assets   2,604     1,571     1,000  
Tangible common equity $ 59,925   $ 59,246   $ 61,132  
 
Total assets $ 663,874 $ 571,948 $ 470,985
Less intangible assets   2,604     1,571     1,000  
Tangible assets $ 661,270   $ 570,377   $ 469,985  
 
Total stockholders' equity to total assets 9.4 % 10.6 % 13.2 %
Tangible common equity ratio 9.1 % 10.4 % 13.0 %

The Company provides this ratio, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy.

   
Unaudited Financial Highlights

(In thousands, except per share amounts)

 
Second Quarter Ended Six Months Ended
June 30, June 30,
2010   2009 2010   2009
Interest income $ 6,855 $ 5,751 $ 13,303 $ 11,880
Interest expense   2,159     2,327   4,197   4,900  
Net interest income 4,696 3,424 9,106 6,980
Provision for loan losses   650     500   1,150   1,300  

Net interest income after provision for loan losses

 

4,046 2,924 7,956 5,680
Noninterest income 1,955 2,039 3,766 3,684
Noninterest expense   5,745     4,742   10,449   8,856  
Income before income taxes 256 221 1,273 508
Income tax (benefit) expense   (41 )   67   177   (41 )
Net income $ 297   $ 154 $ 1,096 $ 549  
Net income per share:
Basic $ 0.03   $ 0.02 $ 0.11 $ 0.05  
Diluted $ 0.03   $ 0.02 $ 0.11 $ 0.05  
Weighted average shares outstanding:
Basic   10,220     10,040   10,151   10,033  
Diluted   10,223     10,040   10,153   10,033  
Dividends declared per share $ 0.09   $ 0.08 $ 0.18 $ 0.16  
 
June 30, December 31, June 30,
2010 2009 2009
Total assets $ 663,874 $ 571,948 $ 470,985
Cash and cash equivalents 28,142 14,922 17,760
Interest-bearing deposits in banks 21,008 43,236 629
Securities available for sale 156,359 120,527 114,263
Loans 390,847 334,139 295,881
Allowance for loan losses 6,027 6,060 5,747
Total deposits 515,712 426,607 323,924
Federal Home Loan Bank advances 42,500 42,500 42,500
Stockholders' equity 62,529 60,817 62,132




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